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2 Comments on Return Of Three Minute Real Estate: Situs
Bill this is the first time that I have heard the term "Situs" so this was new information for me.
George,
It's an old word, but it is used.
I've seen it used most offen by advanced appraisers.
I like to use it in my classes because of the shock value of the deffintion "It's the non-homogeneity of land" witch simply means there are no two spots alike. Once their shock passes they think, that and understanding are what I want. Life is an open book exam logical thinkers are much more important than experts!
It's also a very specify, very concise word! Words have meanings if we were to talk about "location" we envision all the adjourning lots, location is generic "situs" is always unique! Always.
In Michigan it appears twice in the preamble to the real estate license law and on some of the real estate examps.
Bill
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